Nature of account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2013
if bank a/c is a personal a/c then why does cash a/c is a real a/c?
CA Vijeta Verma
(Expert)
06 October 2013
bank account is opened in the name of a person or organisation that is why it is a personal account.
Under real account category assets(tangible and intangible both) are placed.so,cash is a real a/c by its nature.
Think from a company's point of view.If you are thinking of your personal cash then accounting is not concerned with your personal cash
Under real account category assets(tangible and intangible both) are placed.so,cash is a real a/c by its nature.
Think from a company's point of view.If you are thinking of your personal cash then accounting is not concerned with your personal cash
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